Tuesday, June 21, 2011

6/21 pre-open

DJI rallying beyond 12,155 would break the critical M/A and extend the rally potential to the time window indicated by the short-term timing component of I1. I bought DXD at 21.97, which is the equivalent of about DJI 12,145. I'll sell if DJI hits 12,155.

The count for SPX is the overnight rally completes a 5 up which may be c up completing, but more probably part of a more complex upward impulse to complete the c in a few days.

The Comp and NDX count as wave c up ending at 2690 and 2654, respectively. NDX 2654 is 31.8% and the end of wave (iv) coming down.